Новости

Bank of Russia intensifies internal audit

Not only commercial banks see tighter supervision and regulation from the Central Bank today – in fact, the Bank of Russia is switching to tighter control over itself as well. That’s what is indicated by a planned massive-scale reform of the system of internal audit.

BRICS countries to abandon dollar in mutual settlement of accounts

Yesterday counties of the BRICS group (Brazil, Russia, India, China, and South Africa) – all together comprising almost 50% of global population and 20% of global GDP – held a joint summit. During the summit they discussed and approved very first steps to abandon dollar settlement of accounts – instead, it is expected that they will use national currencies.

Russia approves its own code of ethics for accountants

The Ministry of Finance of the Russian Federation informed that on 22 March the Audit business council had approved the latest draft of the Code of professional ethics for Russian CPAs.

Fitch: FASB Revisit of Repo Accounting Could Close Loophole

Fitch Ratings believes the Financial Accounting Standards Board’s (FASB) review of repurchase agreement (repo) accounting rules could help close a major loophole used by some in repo accounting. We continue to believe that greater transparency in this area of accounting is important.

2012 U.S. GAAP Financial Reporting Taxonomy Adopted and Supported by SEC Effective March 26, 2012

The U.S. Securities and Exchange Commission (SEC) has adopted the 2012 non-governmental U.S. GAAP Financial Reporting Taxonomy, the Financial Accounting Foundation (FAF) and the Financial Accounting Standards Board (FASB) announced today.

European regulators fighting with tax loopholes

European tax regulators are taking serious steps to eliminate tax loopholes. “Too smart” taxpayers will have to gradually abandon all commonly used schemes which do not look so safe in today’s changing conditions.

Monitoring Group and PIOB consult on governance of IFAC activities

The Monitoring Group (MG) and the Public Interest Oversight Board (PIOB) have released consultation papers on the governance of various organisations operating under the auspices of the International Federation of Accountants (IFAC).

New English-language IFRS for SMEs training module

The IFRS Foundation Education Initiative has posted Module 22 Liabilities and Equity of its training material on the IFRS for SMEs.

FEE releases unique survey shedding light on how the accountancy profession is structured and organized across 30 European countries

FEE (Fédération des Experts-comptables Européens – Federation of European Accountants) has studied the structure and organization of the accountancy profession across 30 European countries and summarized key facts and findings in a report published today.

Forex companies will be put under formal regulation

Yesterday the Ministry of Finance discussed options to regulate the retail market for Forex (“foreign exchange”). MICEX-RTS and the National Association of Securities Market Participants (NAUFOR) think that operations of Forex companies should be regulated by the legislation already in effect.